EFTA02444120.pdf

"EFTA_R1_01520331 ... 10 June 2009"

"This report has been prepared by UBS Securities LLC, as a subsidiary of UBS AG."

"Within the past 12 months, UBS AG, its affiliates or subsidiaries has received compensation for investment banking services from this company/entity. "

"UBS AG, its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from this company/entity withi"

"this report is communicated by UBS Limited, a subsidiary of UBS AG."

"UBS AG and its affiliates or subsidiaries (including UBS Securities LLC and/or UBS Capital Markets LP)"

"UBS Limited a subsidiary of UBS AG"

"UBS Securities LLC... subsidiaries of UBS AG"

"UBS Limited authorized and regulated by the Financial Services Authority (FSA)"

"UBS Securities France S.A. is regulated by the Autorite des Marches Financiers (AMF)"

"UBS South Africa (Pty) Limited is a member of the JSE Limited"

"UBS Financial Services Inc... subsidiaries of UBS AG"

"UBS Securities LLC: David E. Strauss; Cristina Fernandez; Darryl Genovesi."

"UBS Securities LLC: David E. Strauss; Cristina Fernandez; Darryl Genovesi."

"UBS Securities LLC: David E. Strauss; Cristina Fernandez; Darryl Genovesi."

"This report has been prepared by UBS Securities LLC, an affiliate of UBS AG."

"UBS AG, Its affiliates or subsidiaries has acted as manager/co-manager in the underwriting or placement of securities of this company/entity"

"UBS AG, Its affiliates or subsidiaries has acted as manager/co-manager in the underwriting or placement of securities of this company/entity"

"UN Business Jel Update 10 June 2009 ... Source: JetNel and UBS estmates"

"Source: JETNET and UBS tamales"

"Gursream GA( ... 20% ... May-09"

"Boone Blikl ... Boeing BBJ2 ... Bourg BBJ3"

"GuYsream G-V i G-500 GuYstream"

"This report has been prepared by UBS Securities LLC"

"David E. Strauss Aratyst"

"Cnstina Fernandez Aralg"

"Darryl Genovesi Associate Analyst"

"We think TXT can trade higher on an improved liquidity profile"

"preferred bizjet play over GD"

"Source JETNET and UBS estimates"

"UBS Business Jet Update 10 June 2009"

"UBS Business Jet Update 10 June 2009 We estimate 3,057 business jet aircraft available for sale at the end of May"

"Source: JETNET and UBS estimates"

"Of the five major manufacturers. Bombardier had the highest percentage of its respective fleet available for sale at 19%"

"followed by Cessna at 18%, and Dassault, Gulfstream and Hawker Beechcraft all at 16%."

"Table 1: New Aircraft Delivery Positions Listed for Sale at May 31 and April 30 ... G6Ifslream G550"

"Table 1: New Aircraft Delivery Positions Listed for Sale at May 31 and April 30 ... Pherom 100"

"Table 1: New Aircraft Delivery Positions Listed for Sale at May 31 and April 30 ... Challenger 300"

"U93 Business Jet Update 10 June 2009... Source: Jetlet and UBS estimates"

"Source: JETNET and UBS estimates"

"We estimate the average asking price for a G-IVSP declined roughly 4% sequentially in May, and is now off 41% from its recent peak"

"We estimate the average asking price for a Citation X declined roughly 4% sequentially in May, and is now off 42% from its recent peak"

"We estimate the average asking price for a Hawker 800XP declined roughly 3% sequentially in May, and is now off 31% from its recent peak"

"We estimate the average asking price for a Citation Excel declined roughly 4% sequentially in May. and is now off 37% from its recent peak"

"Citation X Cessna... Excel XIS Cessna"

"Chateriger 303 Bombardier... Lanett60 i6OXR Gombarder"